Virtually no chance of October rate hike

There were just 142,000 jobs created in September, badly missing estimates. Fewer jobs were added in July and August than previously believed, too.

Now Wall Street sees just a 27% chance of the Fed raising rates in December, according to CME Group's FedWatch, a futures tool that traders use to bet on the likelihood of Fed rate changes.

That's down from 42% on Thursday.

And the probability of an October rate hike? Close to none. It's now at 5%.

While Fed chief Janet Yellen insisted October was a "live" meeting, it wasn't seen as a realistic time to move on rates anyway because there's no press conference scheduled.

The "simply dreadful" jobs report raises fresh doubts about the U.S. economy and ability of the Fed to raise rates "not just this month, but this year," Win Thin, a currency strategist at Brown Brothers Harriman, told clients in a note.

Global slowdown, market turbulence hitting jobs

Still, not only were fewer jobs added in September than hoped, but wages growth remains elusive. Average hourly earnings were flat in September from the prior month, dashing estimates for a rise of 0.2%. The average work week also declined slightly.

"We see broad-based weakness in the U.S. labor market," Barclays economist Michael Gapen wrote in a research report. He believes the lackluster September report reflects "deceleration in activity abroad, and, more recently, the pickup in financial market volatility domestically."